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    GBP/JPY Price Analysis: Remains subdued below 185.00, on risk-off mood

    Updated Nov 10, 2023 24:11

    ●GBP/JPY sees a decline of 0.24%, as Yen is boosted following Fed Chair Powell's hawkish remarks.

    ●The daily chart portrays the pair as neutral, tilted to the upside, with the Kumo below price action.

    ●Key support levels loom below, with the Tenkan-Sen at 183.62 and the Kijun-Sen at 183.36, while a rebound above 186.00 could reignite bullish momentum.

    The GBP/JPY failed to gain traction on Thursday, posting losses of 0.24% amid hawkish comments from the US Federal Reserve Chair Jerome Powell on an International Monetary Fund (IMF) event. Hence, the safe-haven status of the Japanese Yen (JPY) benefitted, a headwind for the Pound Sterling (GBP). At the time of writing, the cross-pair is trading at 184.97 after hitting a daily high of 185.89.

    The pair is neutral but slightly tilted to the upside due to price action remaining above the Ichimoku Cloud (Kumo). A narrow width of the Kumo, along with price action failing to register a successive series of higher lows and higher highs, indicate the cross might be subject for a pullback.

    Despite that, if GBP/JPY buyers reclaim 186.00, that could open the door for challenging the year-to-date (YTD) high at 186.76. On the other hand, a drop below 184.00, key support levels would emerge.

    The first support would be the Tenkan-Sen at183.62, followed by the Senkou-Span A at 183.49, followed by the Kijun-Sen at 183.36. Once those levels are cleared, the 183.00 psychological figure would be up next.

    GBP/JPY Price Analysis – Daily Chart, Source: FXstreet.

    * The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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